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Tag Archives: banks

UAE Central Bank’s deposit certificates on the rise

The balance of the UAE Central Bank’s deposit certificates rose to record levels during the first half of 2019, reaching around AED155.8 billion at the end of June, according to statistics issued by the bank highlighting its policy of withdrawing surplus liquidity. The value of surplus liquidity withdrawn in June …

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Sharjah finance cooperating with Japanese counterparts

A delegation from Sharjah Finance Department, SFD, has visited Tokyo, Japan, and met with key Japanese finance officials to discuss various possibilities that can help bolster relationships between the two sides. The meetings were held at the Japan Bank for International Cooperation, JBIC, and was attended by Sharjah’s delegation headed …

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Robo-advisors recieve go-ahead in Abu Dhabi

The Financial Services Regulatory Authority, FSRA, of Abu Dhabi Global Market, ADGM, today issued its regulatory framework for Digital Investment Managers (also known as ‘robo-advisors’), operating in ADGM. Digital Investment Managers provide investment management services using algorithm-based tools and technology to interact with more tech-savvy clients. This technology allows investment …

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DLD signs MoU with Al-Masraf bank

The Dubai Land Department, DLD, represented by its regulatory arm, the Real Estate Regulatory Agency, RERA, signed a memorandum of understanding, MoU, with the Arab Bank for Investment and Foreign Trade, Al Masraf, to manage and service the Owners Association, OA, accounts. The MoU was signed by Marwan bin Ghalita, …

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UAE working with Asian Infrastructure Investment Bank

A UAE delegation attended the fourth annual meeting of the Board of Governors of the Asian Infrastructure Investment Bank (AIIB). Abu Dhabi Fund for Development (ADFD), the leading national entity for international development aid, is mandated to represent the UAE at the Bank’s meetings and events and on its board. …

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Digital banking pushed by Abu Dhabi Global Market

The Financial Services Regulatory Authority, FSRA, of the Abu Dhabi Global Market, ADGM, has announced local and global applications to establish digital banks in its International Financial Centre based in Abu Dhabi as digitalisation has led to a rapid transformation of the banking industry. This initiative comes in response to …

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ADX meets Morgan Stanely delegation

The Abu Dhabi Securities Exchange, ADX, recently met with an executive delegation from Morgan Stanley to discuss how to develop business relations between both entities. Khalifa Salem Al Mansouri, Acting Chief Executive of the ADX, said, “This was a valuable introduction for the ADX. Developing business relations with such a …

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Etihad Credit Insurance empowering firms in UAE

Etihad Credit Insurance, ECI, has signed a Memorandum of Understanding, MoU, with the Corporate Banking division of Emirates NBD to empower the UAE-based firms in strengthening their presence regionally and internationally by providing them access to ECI’s trade credit insurance solutions and Emirates NBD Corporate Banking’s customised products. This cooperation …

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OFID and Ameriabank sign $25 million loan agreement

The OPEC Fund for International Development, OFID, and Ameriabank have signed a US$25 million loan agreement aimed at supporting trade flows to and from Armenia. Cooperation between OFID and Ameriabank dates back to 2015. The first facility supported Small- and Medium-sized Enterprises, SMEs, in Armenia across a diverse range of …

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Ma’an Social Incubator extends deadline

The Authority of Social Contribution, Ma’an, has extended the deadline for its Ma’an Social Incubator, MSI, Programme till 13th July, 2019, due to the growing interest in the MSI from the public and social entrepreneurs in the UAE, the region and the rest of the world. The programme has already …

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Qatar imposes new set of restrictions on UAE banking

Qatar has placed further restrictions on First Abu Dhabi Bank, the United Arab Emirates’ largest lender, as it continues a probe into alleged currency manipulation begun after the UAE and other Arab states launched a boycott against Qatar in mid-2017. The Regulatory Authority of Qatar Financial Center (QFC) said on …

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Abu Dhabi Crown Prince meets Michael L. Corbat of Citigroup

His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces today received Michael L. Corbat, Chief Executive Officer of Citigroup, to discuss prospects of cooperation between Emirati financial institutions and the world’s global bank. The meeting occasioned a …

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Emirates Steel hires BNP Paribas to coordinate $400m loan

Emirates Steel, the largest steel producer in the UAE, has hired BNP Paribas to coordinate a $400 million (Dh1.47 billion) loan financing, sources familiar with the matter said. The company, owned by Abu Dhabi’s Senaat, a state-owned investor in the emirate’s industrial sector, will use the loan proceeds to refinance …

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Standard Chartered UAE appoints new CEO

Standard Chartered on Sunday announced the appointment of Rola Abu Manneh as chief executive officer of its business in the UAE. Abu Manneh succeeds Julian Wynter, who will be retiring following 26 years of service at the bank. Abu Manneh’s appointment is with immediate effect. Abu Manneh joins from First …

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Emirates NBD launches DirectRemit to the UK

KhalifaSat, the first Emirati satellite, will be launched on October 29 from Tanegashima Space Centre in Japan; Shaikh Hamdan Bin Mohammad Bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Executive Council announced Wednesday on his twitter account. KhalifaSat has been developed by a team of young Emiratis …

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Banking the unbankable: Rise is on a mission

A majority of the UAE’s 750,000 maids earn less than Dh2,000 per month, according to Rise, a Dubai-based start-up aimed at providing banking facilities to low-income workers. While this may be a relatively small amount individually, Rise saw the potential for scale. Collectively, maids in the UAE make $5 billion …

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Investing in people to drive digital future

Mashreq’s commitment to innovation and a digital future is closely aligned to its strategy of investing heavily in all its people, and further developing the Emirati talent pool, Ashfaq Bandey, Vice President, Human Resources told Gulf News in an interview. The bank has embarked on a number of training initiatives …

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Why remittances are prohibited in these UAE outlets

Some money changers in UAE are appealing a recent decision by the Central Bank to prohibit them from doing remittance transactions. UAE resident have been advised that they can no longer transfer money or receive salaries through at least seven exchange houses. The UAE Central Bank confirmed on Monday that …

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Dubai’s new Mortgage Law can be the right stimulus

Dubai’s proposed “Mortgage Law” intends to create greater depth in the property marketplace, in particular by making it easier for specialised funds to come in and take up exposures. Another target of the law would be create “alternative financing methods” over and above what is offered via direct bank finance. …

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VAT implementation makes SME lending safer

The UAE’s banking sector stands to benefit from the implementation of Value Added Tax (VAT) as the new tax system makes the balance sheets of corporates, particularly the small and medium enterprises (SMEs) more transparent, said Abdul Aziz Al Ghurair CEO of Mashreq Bank and Chairman of the UAE Banks …

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Trillion dollar conman strikes Dubai

After stealing a football club, breaking into a bank and conning governments around the world, a convicted international fraudster – described by the BBC as a ‘Trillion Dollar Conman’ – has struck Dubai. In an act of pure evil genius, the Bahrain-based serial swindler Russell King has raked in millions …

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GCC banks still far from 2008 resolutions

Banks in the Gulf Co-operation Council are still far from the implementation of resolution regimes discussed during the financial crisis in 2008 for both conventional and Islamic banks despite having implemented many of the recommendations. G7 finance ministers agreed to take decisive action during the global financial crisis. Using all …

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Two senior bankers jailed for embezzling Dh25m

Two senior managers at a multinational bank, who embezzled Dh25 million deposited by an investor in three corporate accounts, won their appeals and had their seven-year imprisonments reduced to five years. In May 2015, the Dubai Court of First Instance jailed the Lebanese woman manager and the American manager to …

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